re:cap
A Berlin-based lender live in the UK since 2025, offering software companies a credit line of £50k to £3m against recurring revenue at a published 12 to 18 per cent.
What they do
re:cap gives subscription businesses a drawable credit line sized against annual recurring revenue, typically three to four times monthly revenue or up to about half of yearly recurring revenue. Underwriting is automated: the borrower connects banking, accounting and revenue systems, and the platform assesses recurring revenue, churn, net revenue retention, gross margin, customer concentration and runway. Interest is published at 12 to 18 per cent and charged only on what is drawn, with no warrants and no venture-debt style restrictions. The UK product is funded by a €125m facility from HSBC Innovation Banking and Avellinia Capital.
Where they fit in a lower-mid-market raise
Published pricing and drawable capital are both unusual in this corner of the market, and they suit a software company that wants funding available without paying for money it is not using. There are no warrants, so the cost is the interest rate and nothing else, which makes it directly comparable with a bank facility in a way venture debt rarely is.
Where they are not the fit
At least £250k of annual recurring revenue and six months of runway are hard cut-offs, and the model needs predictable subscription revenue. Facility sizes reach £3m, which sits at the bottom of a lower-mid-market raise, and this is growth working capital rather than acquisition finance.
Published terms
- Pricing
- UK-facing collateral cites transparent interest rates of 12-18% (positioned below traditional RBF and without venture-debt restrictions); usage-based, pay only for what is drawn; internal A-F rating by ARR size, runway and growth
- Speed to terms
- Not published
- Sponsored or sponsorless
- Corporate/direct: non-dilutive credit for founder- and VC-backed SaaS scale-ups (Series A+); complements rather than replaces equity; no sponsor-lending mandate
- Where they lend
- EU + UK; UK live since 11 Jul 2025. Berlin-headquartered; UK-specific /en-gb site and GBP pricing. Stated focus markets: Germany, Netherlands, UK
- How they decide
- AI-driven underwriting via re:cap Capital OS: borrower connects bank, accounting and revenue systems; risk analysis of ARR, churn, NDR, gross margin (ideally 60%+), customer concentration and runway; internal A-F credit rating drives price
- Search funds and ETA
- No published route for search-fund or first-time acquirer borrowers
- Personal guarantee
- Required on some facilities and not others: re:cap arranges facilities from other providers, most without a personal guarantee but not all
As published by the lender and last reviewed August 2026. Terms quoted on a deal are set by the credit, not by a published band.
What rules a deal out
Stated limits, taken from re:cap’s own published criteria. A limit is where a lender starts from, not where it always ends: several of these move on a strong enough credit.
- Recurring-revenue (SaaS/subscription) business model required
- ARR-sized facility (around 3-4x monthly revenue or up to ~50% of ARR), not EBITDA/leverage
- Minimum £250k annual recurring revenue
- Minimum 6 months cash runway (hard cut-off)
- Proven product-market fit required
- No appetite in or under 6 months runway or sub-gbp 250k arr
How they sit against the category
- Its published ceiling is £3m; 5 of the 5 platform lenders here go at least as high.
Counted across the 5 platform & marketplace lenders in this directory, on what each one publishes. What a lender discloses and what it will do are different things.
Questions this page answers
How large a facility does re:cap write?
Published facilities reach £3m, and the bottom of the published range is small-ticket business rather than a corporate facility. A band is what a lender states it will do, not what it will do on a given credit.
Does re:cap lend to search funds or ETA buyers?
Not on the published evidence. re:cap publishes no route for search-fund or first-time acquirer borrowers. A searcher's route to a lender usually runs through the quality of the target and the equity behind it.
Does re:cap lend to companies without a private-equity sponsor?
Yes. re:cap lends to owner-managed and corporate borrowers, and publishes no private-equity sponsor proposition.
Where does re:cap lend?
EU + UK; UK live since 11 Jul 2025. Berlin-headquartered; UK-specific /en-gb site and GBP pricing. Stated focus markets: Germany, Netherlands, UK.
What does re:cap lend?
The published product set is revenue-based financing / arr credit line. Published sector focus is saas, software, technology.
Does re:cap require a personal guarantee?
It depends on the provider. re:cap states that it arranges facilities from other lenders rather than lending itself, and that most need no personal guarantee but a few ask for one.
Sources
This profile is a curated reference note drawn from public sources, not financial advice or a recommendation. Appetite and terms change; a lender's fit for a given credit is established by approaching it, not inferred from a page.